NAM THEUN 2 HYDROELECTRIC PROJECT LAOS. Project Description
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1 NAM THEUN 2 HYDROELECTRIC PROJECT LAOS The potential for hydroelectric power projects on the Nam Theun River was first identified in the mid-1970s and was the subject of detailed studies during the following decades. It was not until the early 90s that the Nam Theun 2 hydroelectric project ( NT2 or the Project ) was specifically recognized by the Government of the Lao PDR (GOL) as a key project for the economic and social development of the Lao nation. With the introduction in 1994 of sponsors Electricité de France (EDF) and Italian-Thai Development Public Company Limited (ITD) of Thailand, and the invitation to the World Bank to participate in the project, NT2 moved from a concept to a development phase. Its design and preparation of a complete set of economical, environmental and social safeguards have taken more than ten years. A temporary delay caused by the Asian financial crisis of 1997 allowed the sponsors, which by 2000 also included Electricity Generating Public Company Limited (EGCO) of Thailand, to update some of aspects of the Project, and to develop an adjusted structure best suited to the requirement of commercial lenders. This finally led to the successful Project financing and subsequent beginning of full construction activities in June CONTRACTUAL ARRANGEMENTS AND FINANCING NT2 is the fourth hydropower project located in Laos that sells substantially all of its electricity availability to the Electricity Generating Authority of Thailand (EGAT) on the basis of a long term Power Purchase Agreement (PPA). The earlier developments were more modest in scale, with about 500 MW in combined capacity, but had established the viability of such a development model for Laos. The Project is owned by the Nam Theun 2 Power Company (NTPC), a limited company incorporated under the law of the Lao PDR. NTPC will build, operate and then transfer the Project free of cost to the Government at the end of a 25-year operation period. NTPC s shareholders are: 35% EDF International (EDFI), a wholly owned subsidiary of Electricité de France 25% the Lao Holding State Enterprise (LHSE), owned by the Government of the Lao PDR 25% Electricity Generating Public Company Limited (EGCO) of Thailand 15% Italian-Thai Development Public Company Limited (ITD) of Thailand EGAT EDL GOL EDFI 35% LHSE 25% EGCO 25% ITD 15% S H A R E H O L D E R S 95% of electricity 5% of electricity Concession production production Agreement Nam Theun 2 Power Company (NTPC) Financial Head Construction Contract Agreements P R D O E V B I T D E R S I F I Head Contractor EDF January
2 The Project is being implemented by NTPC in the framework of the Concession Agreement (CA) with the Government of the Lao PDR. International Financial Institutions (IFIs) and commercial lenders are contractually involved in the Project via a series of financing agreements among the Parties. A total of US$ 1,580 million in capital commitments for NTPC has been completed in May 2005 to finance the total base Project cost of US$ 1,250 million, plus additional amounts for contingency and ancillary bonding facilities. The US$ senior debt facilities includes political risk guarantees from the Asian Development Bank (ADB), the World Bank and the Multilateral Investment Guarantee Agency (MIGA), export credit agency support from COFACE of France, EKN of Sweden and GIEK of Norway, and direct loans from a number of multilateral and bilateral development agencies including the ADB, Nordic Investment Bank, Agence Française de Développement (AFD), PROPARCO and Export-Import Bank of Thailand. Nine international commercial banks (ANZ, BNP Paribas, BOTM, Calyon, Fortis Bank, ING, KBC, SG and Standard Chartered) and seven Thai commercial banks (Bangkok Bank, Bank of Ayudhya, KASIKORNBANK, Krung Thai Bank, Siam City Bank, Siam Commercial Bank and Thai Military Bank) are providing long term loans to NTPC. In addition to senior loans facilities, shareholders complete the Project financing by contributing equity pro-rata their respective participation in NTPC. The equity contribution of LHSE is financed by means of loans, grants and other financing from institutions including the AFD, ADB, European Investment Bank and the World Bank. While the CA established that NTPC and GOL have a joint responsibility for the proper implementation of E&S measures, NTPC has a full responsibility vis-à-vis its main customer EGAT for the construction on time of the power generation facilities. However, NTPC has passed most of its responsibilities for such timely completion of the scheme to EDF, through the Head Construction Contract which establishes that EDF shall construct the Project on a date certain, fixed price turnkey basis. 2. TECHNICAL DESCRIPTION NT2 is a 1,070 MW trans-basin hydropower scheme diverting the upper flow of Nam Theun river from the Nakai plateau into the Xe bang Fai River in the Kammouane plain. By such the project is benefiting from a 348 m net head to drive generating units capable of producing an average 5,936 GWh per year. The Project is being built on the Nam Theun River, a tributary of the Mekong. The key features of the Project include: a 39m high, 436 m long, concrete gravity dam with integrated spillway; a 450 km 2 reservoir (at Full Supply Level) and active storage of 3,530 million m 3 ; a catchment area of 4,039 km 2 ; an average net head of water of 348 m; a powerhouse comprising 4 x 250 MW Francis turbines (for supply of power to EGAT) and 2 x 37.5 MW Pelton turbines (for supply of power to EDL); a double circuit 115 kv transmission line to Mahaxai in Laos; January
3 a 138 km long double circuit 500 kv transmission line to the Thai border; and a 160 km long double circuit 500 kv transmission line from the Thai border to Roi Et (to be built and funded by EGAT). The Project s location is much favourable for a large-scale, world-class hydroelectric power facility. The natural geography of the Nakai Plateau and the surrounding area is unique in that it allows a hydroelectric project with a significant head of water without a corresponding requirement for a high dam. 3. BENEFITS TO LAOS The past 10 years have seen tremendous development within the Government of the Lao PDR, as Nam Theun 2 has progressively emerged as the unique base for the country s development efforts and its National Growth and Poverty Eradication Strategy (NGPES), the national development plan for the next decade. The Project development process has been instrumental to foster economic reforms and to create a unique base for the development of the Lao PDR and its integration in the regional economy. On a macro-economical standpoint, NT2 is of crucial importance as, with anticipated aggregate GOL revenues of almost US$2 billion over the concession period, it will be the largest single contributor to the country s public finance and will allow a considerable improvement of its financial resources aimed at poverty reduction. To date, the Build-Own- Operate-Transfer structure developed for the Project has allowed the GOL to undertake Nam Theun 2 without incurring the financial risk of fully funding the entire Project. The benefits of this structure mean that: The Project s US$1.45 billion total cost is financed by a combination of equity by the shareholders (28%) and international debt financing (72%). The Thai banking system contributes half the Project debt finance in Thai Baht (THB20 billion), while international commercial banks, and international financing institutions cover the other half in US dollars (US$500 million). The World Bank Group, the Asian Development Bank and French and Nordic export credit agencies provide comfort to the US$ commercial lenders through political risk guarantee facilities, or other financial instruments. This means that the US$1 billion of debt raised for the Project will not be owed by the GOL but by the private sector (NTPC) and will not impact on the debt service obligations of the GOL. In order to raise such financing however, the GOL had to arrange for the Project to comply with international banking standard. Thus, the Concession Agreement has established a sophisticated legal system that gives comfort and security to NTPC and its financiers. Furthermore, the GOL provided additional comfort to the guarantee providers that it will timely proceed with the reforms of the country s public finance and expenditure management apparatus. To that end, the GOL is seeking continuous assistance and wish to make the best possible use of available capacity building funds in the various fields of macro-economic management. the GOL s direct equity investment of approximately US$80 million is less than 6% of the aggregate total Project cost of US$1,45 billion (including US$200 million of contingencies). It is sourced from a number of Multilateral and Bilateral Agencies (Asian Development Bank, Agence Française de Développement, European Investment Bank, and World Bank) on terms and conditions that include grants and concessional loans, resulting in very limited adverse impact on the Government s fiscal position. The benefit of such structure is that the largest single beneficiary of the Project is the GOL. Indeed, with an average US$80 million annual revenue over the 25 year operating period (in royalty, tax and dividends), NT2 will provide the Lao PDR with a robust and long-term revenue base capable to reduce poverty, as it will prove a significant contributor to the national economy and improving considerably its various indicators. For instance, the Economic Impact Study concluded that the Project will significantly increase the GDP by 3.2% and that it will not lead to increased inflation. In today s terms, the anticipated NT2 revenues for GOL would contribute to more than one quarter of the annual national budget. Furthermore, a portion of this revenue will be channelled through a Poverty Reduction Fund January
4 in order to be allocated more rapidly to development programs in remote districts throughout the entire country, and towards an Environmental Protection Fund. More immediately, the Project will construct a number of infrastructures, of which 145 km of new and upgraded roads and bridges in the Khammouane province, a 115 kv sub-station and a 115 kv transmission line for the Lao grid. Nam Theun 2 will also create job and training opportunities at provincial and national levels. Beside, the successful financing of the Project has established a track record that will allow Laos to compete more effectively in the international market for scarce investment and to finance more infrastructure projects. With the US$ 1,250 million base financing for the Project, NT2 will be the largest economic asset and the largest foreign exchange earner in the country, as well as the largest single contributor to the Government s budget. Furthermore, the Project is providing numerous opportunities, both directly and indirectly, to appreciably enhance livelihoods in the various Project areas and in the wider region. 4. BENEFITS TO THAILAND For Thailand, NT2 represent a unique opportunity for reliable and clean electricity over the long run. Currently, Thailand s electricity is 70% dependent on natural gas supply, and the tariff agreed between EGAT and NTPC is attractive and promises to be competitive over the long run. On a geopolitical stand point, Thailand has always entertained good neighbor relationships with Laos, in particular in terms of its purchase of electricity to Nam Ngum since It has minimum concern over the Lao political risk, and that reflected in the willingness of the Thai banking system to lend a Thai Baht equivalent of US$ 500 million to NTPC without seeking political risk coverage. Given the increased demand for power in Thailand, the Project is regarded as a critical development to maintain Thailand s reserve margin at the appropriate required level thanks to the long-term provision of.competitive and high quality electricity supply having a high degree of flexibility and reliability. Increase of Thai Generation vs. NT NT2 provides 6% of consumption increase between 2009 & GWh Year Increase of GWh req NT2 PE + SEC ENVIRONMENTAL AND SOCIAL SAFEGUARDS A robust environmental and social impacts safeguards programme has been designed in conjunction with World Bank, Asian Development Bank and Agence Française de Developpement. These measures are being fully funded as part of the Project s budget. It includes the entire Project area, and in particular: The catchment area: With respect to environmental protection and biodiversity conservation, the Nam Theun 2 reservoir will act as a natural barrier for the pristine forest of the Nakai-Nam Theun National Protected Area (NPA), which is in itself very valuable to January
5 the Project for being its watershed, ensuring continuous supply of water to the Project in the long run. This world-class primary forest area is recognized to be of outstanding significance in terms of its biodiversity. By receiving significant funding from NTPC to perform conservation activities in the NPA during the entire life of the Concession Agreement, the Government has committed to protect these 4,000 km 2 of forest and wildlife habitats in the long run. Accordingly, NTPC will directly contribute to the protection of the biodiversity in the Project watershed and in some surrounding nonwatershed corridors. The resettlement area on the Nakai Plateau: The Nakai Plateau, through which the Nam Theun River flows, is composed of agricultural land, degraded forest, and both permanent and seasonal wetlands. The construction of the Project will require the resettlement of approximately 1,000 families or 6,200 people. The resettlement of these villagers onto the shore of the new reservoir will represent a considerable improvement in their livelihoods, and Nakai Plateau villagers have been hoping for relocation and better life to be created thanks to the Project since the beginning of its development. It is beyond the current financial capacity of the Government to help improving these population s livelihoods without the funding assistance and expertise from the Project. NTPC is legally committed with the Government through a very detailed Concession Agreement that was prepared in accordance with the Government policy on poverty reduction and ethnic minorities development, and with World Bank and ADB Policies. Work on a pilot resettlement village, including the construction of 31 houses, an irrigation dam and distribution system, and electricity supply, began in early The families of the pilot village are now enjoying a new livelihood based on organized land ownership, permanent farms and community-based commercial activities. The model has proved to be a success and relatives from other villages on the Plateau are already joining to help for the work in the pilot village fields. By 2008, the entire 6,200 villagers will be reestablished in similar locally designed villages provided with electricity, water supply, schools, clinics and other community infrastructures. Each village will have an irrigation system, and villagers will be fully supported in their choice of a range of livelihood options including both irrigated and rainfed agriculture, commercial forestry, reservoir fisheries, livestock husbandry, and off farm activities. The downstream areas and Xe Bang Fai plain: The essential Project environmental and social safeguards also include the careful preparation of a mitigation plan and associated budget to address the effect of the Project on the downstream areas and in particular the Xe Bang Fai River, which will receive turbined water after being regulated and released through a regulating pond and 27 km downstream channel. The Xe Bang Fai will observe a progressive modification of its geomorphology and ecosystems due to increased flows of water transferred from the reservoir. In order to mitigate the effect of such river modification on livelihoods while enhancing the positive impact of bringing extra waters to this area, NTPC and the Government have agreed to jointly implement a US$ 16 million programme funded by NTPC. This programme is aimed at properly compensating the villagers who live along the relevant sections of the Xe Bang Fai, and whose livelihood depends partially on the the Xe Bang Fai River and tributaries. Loss of riverbank gardens and assets and impact on fisheries will be compensated through this programme. While allowing all year long navigation on the Xe Bang Fai River, the extra water brought to the downstream areas below the power station will be used by impacted families for growing more rice and other crops during dry season. To that end, the Project includes the design of access points for irrigation facilities to be connected to the downstream channel so that communities be able to use the water for irrigation. Finally, the wider rehabilitation of flooding gates and expansion of irrigation system in the Khammouane province is envisaged in cooperation with other donors. January
6 6. IMPLEMENTATION AND MONITORING ARRANGEMENTS In order to fulfil its duties and responsibilities vis-à-vis its host and partner the Government of the Lao PDR, its shareholders, lenders and ultimate customers, NTPC is organized as follows: The Construction Division works with the Owner s Engineer (an external engineering firm hired by NTPC) to supervise and monitor the construction activities of the Project, which are performed by the Head Construction Contractor. The Environmental & Social (E&S) Division covers activities related to environment and social programmes. The E&S Division works closely with the Government units in charge, jointly with NTPC, of environmental monitoring and resettlement / social development activities in the Project affected areas. The E&S Division is also in charge of monitoring and advising the Watershed Management Protection Authority. The project land study and coordination team has been set-up to ensure a timely coordination between construction and E&S divisions with regard to project land activities. The Finance and Administration Division is in charge of all administration, personnel and finance matters and plays an important support role for the operational divisions in relation to contracts and procedures, document management, financial aspects, IT etc. The Operation and Maintenance Division will be staffed progressively three years before project commissioning and will be in charge to operate the Nam Theun 2 hydroelectric facility and perform the maintenance of all assets. NTPC Board of Directors NTPC Management Planning & Cost Controller Quality Control Construction Division Project Lands Survey and Coordination Environmental & Social Division Operation & Maintenance Division Finance & Administration Divisions Owner Engineer Head Contractor E&S Sub- Contractors Being the owner company, NTPC is performing an internal monitoring of the Project construction, which is undertaken by a Head Contractor (namely EDF) and its civil work and electromechanical sub-contractors. That includes the monitoring of the environmental management during construction. For the implementation of the resettlement and social development measures however, NTPC and GOL are the direct implementers. Also, in order to ensure that the Project is developed and operated in accordance with obligations as described in the Concession Agreement and Financial Documents, a comprehensive external monitoring structure has been defined. It is composed of internationally recognized and fully independent panels. January
7 Panel Acronym Reporting to: Monitoring frequency Mission Lender s Engineer LE (team) Lender s group (IFIs + Commercial Lenders + Export Credit Agencies, through the Inter-Creditor Agent) Quarterly Monitor quality, budget, implementation schedule and obligation compliance of : - Construction of project - Environmental protection related to construction activities - Social programmes (resettlement, downstream programme, project lands compensations, health) - Environmental programmes Depending on their findings, the LE issues warnings to NTPC in the form of Non Compliance levels, which shall be properly and timely addressed to avoid financing drawstops. International Advisory Group IAG World Bank Occasionally IAG is responsible for advising the World Bank in its handling of the social and environmental issues on the Project. GOL Engineer GOL-E (team) Government of Lao PDR 3 to 4 visits per year Advise GOL on NTPC compliance regarding all contractual obligations set in the CA (administrative, Lao preference, construction, Environment and Social) Dam Safety Review Panel DSRP (3 experts) Government of Lao PDR and World Bank Once a year or more if required Monitor the compliance with the World Bank s Dam Safety Policy Social and Environmental Panel of Experts POE (3 experts) Government of Lao PDR Once a year or more if required To facilitate guidance to GOL and NTPC on i) mitigation against and remedying of Project Impacts; ii) implementation of NTPC & GOL obligations under the Environmental and Social Objectives; iii) improvement and remedying of Unanticipated Project Impacts; and iv) the appropriateness and relevance of the Environmental and Social Objectives. The POE will act as the ultimate judge in case of a disagreement between the parties. Independent Monitoring Agencies IMA (team) Government of Lao PDR Quarterly for social aspects Annually for environment To collect independent information and monitor implementation and effectiveness of environment and social programmes (including villagers revenue post resettlement). January
8 7. PROJECT OVERALL PLANNING January
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